Sunnova Energy units lift credit facility commitments

By Mary-Katherine Stinson

Lexington, Ky., March 31 – Sunnova Energy International Inc.’s wholly owned subsidiary, Sunnova TEP Holdings, LLC, entered into a ninth amendment on March 29 to its amended and restated credit agreement dated March 27, 2019, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increased the total commitments to $700 million from $600 million and increased the uncommitted maximum facility amount to approximately $789.7 million from approximately $689.7 million.

Additionally, the amendment added provisions to allow the borrower to request an increase by adding additional lenders, modified the hedging provisions to give all hedge counterparties the benefit of certain payment priorities and certain other terms previously limited to qualifying hedge counterparties, extended the time period for the event of default resulting from hedge counterparties ceasing to qualify and to make other related hedging amendments, updated the references from the previous administrative agent to the current administrative agent Atlas, removed or modified certain provisions related to the borrowing, funding and allocation of payments among the previous lender syndicate and added E.U. bail-in provisions and certain syndication-related provisions.

Atlas Securitized Products Holdings, LP is the administrative agent. Sunnova TE Management, LLC is the facility administrator.

Also on March 30, another of Sunnova Energy’s wholly owned subsidiaries, Sunnova EZ-Own Portfolio, LLC, entered into amendment No. 13 to its amended and restated credit agreement, which, among other things, further amends that certain amended and restated credit agreement dated as of March 27, 2019.

The amendment raised the total commitments to $775 million from $675 million and increased the uncommitted maximum facility amount to $900 million from $800 million.

Additionally, the agreement was amended to amend and supplement certain defaulting lender provisions, and update the references to Atlas, the successor agent, from the previous administrative agent and to remove or modify certain provisions related to the borrowing, funding and allocation of payments among the previous lender syndicate.

Atlas Securitized Products Holdings, LP is the agent under the credit agreement. Sunnova SLA Management, LLC is the manager. Wells Fargo Bank, NA is the transition manager, paying agent and back-up servicer.

Sunnova is a Houston-based solar energy company.

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